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Decision Theory and Choices: a Complexity Approach (Paperback, Softcover reprint of the original 1st ed. 2010)
Loot Price: R3,028
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Decision Theory and Choices: a Complexity Approach (Paperback, Softcover reprint of the original 1st ed. 2010)
Series: New Economic Windows
Expected to ship within 10 - 15 working days
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In economics agents are assumed to choose on the basis of rational
calculations aimed at the maximization of their pleasure or profit.
Formally, agents are said to manifest transitive and consistent
preferences in attempting to maximize their utility in the presence
of several constraints. They operate according to the choice
imperative: given a set of alternatives, choose the best. This
imperative works well in a static and simplistic framework, but it
may fail or vary when 'the best' is changing continuously. This
approach has been questioned by a descriptive approach that
springing from the complexity theory tries to give a scientific
basis to the way in which individuals really choose, showing that
those models of human nature is routinely falsified by experiments
since people are neither selfish nor rational. Thus inductive rules
of thumb are usually implemented in order to make decisions in the
presence of incomplete and heterogeneous information sets.
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